What Different Types of Life Insurance Exist?
Question asked by Nik Manches
I’ve recently been declined Life Insurance due to a previous medical issue, it’s something I think I should really have with a large mortgage. Can I apply again?
First of all do not worry. Normally most people will be able to find a Life Insurance policy that works for them.
If your Life Insurance application is declined, do not give up. Just because your first Life Insurance application has been declined that does not mean your next one is going to be.
The insurer will usually say why your application was declined. If you have an adviser they can work with you to discuss the decision and strategise on what to do next.
Most applications are declined due to medical issues. Each life insurance company sees medical issues (and other risk factors, such as extreme sports) differently. For example one company may decline you because you have diabetes, while another may accept you.
If you’ve been declined it’s important to get the reasons why. This will usually have come from your medical records, so you can ask your GP to view your medical records or ask the insurer to send over the copy they have. This will give your adviser a better idea of the entire picture of your circumstances.
Not everyone will understand what goes into the risk of how insurers write their policies, but your adviser will know which company is best for someone with your risk factors, and will know where to go next should your first choice not pan out.